Flagship retail schemes boost Yorkshire

THROUGHOUT 2013, landmark schemes have come to the market, including flagship retail scheme Trinity Leeds, giving Yorkshire’s retail market a boost.

Land securities, the developer behind the 1 million sq ft scheme which landed in March, said the UK’s largest retail and leisure destination to open in 2013 has totally transformed the city centre since it opened.

Land Securities’ portfolio director, Gerald Jennings, said: “Leisure is an increasingly important element of the shopping experience and retail theatre, which provides excitement and entertainment for customers, must become the norm.”

Mr Jennings predicts in 2014, more retailers will understand and adapt to the structural changes in retail, brought about by the growth in online shopping and with this, the need to exceed customers’ expectations and raise the bar on customer service will be paramount.

He said he believes the good will continue to prosper, but legacy retailers will face bigger challenges and as the economy improves, there will be a steady increase in consumer spending, but no substantial uplift in retailers taking new space, except for the prime locations, where demand will remain strong.

Jennings said responsible and sustainable development will continue to be a theme and predicts there will be greater collaboration between the public and private sectors and increasing involvement of the third sector, on issues such as job creation and training as seen at both Trinity Leeds and White Rose.

Peter Heron heads up the retail agency department in the Leeds office of Sanderson Weatherall. He said he believes the region benefits from some “excellent commercially” successful cities such as Leeds, Sheffield and York and strong towns like Harrogate, Skipton, Ilkley and Ripon.

He said: “All these have fared comparatively well in the recession even though in Sheffield the Sevenstone development has been delayed again.

“One hope for 2014 is that we will start to see a recovery in those areas that have found the market more challenging. For example, it would be great to see enough confidence in the market to kick start the long awaited retail developments in Bradford and Barnsley which would greatly benefit those areas.

“A number of the national multiple retailers continue to review their store portfolios and we will, no doubt, see more closures in the towns that don’t trade so well. Clearly this will not improve vacancy levels and it would be good to see more independent retailers coming through to fill the gaps. We have seen many more enquiries this year from new innovative operators and I hope this continues and 2014 becomes the year of the independents.

“The leisure market has started to thrive in the latter years of the recession. The rise in the number of restaurants and bars, both national chains and independents, has to be welcomed. Some of the more forward thinking planning authorities have assisted this by allowing occupiers into areas previously reserved for retail use. In cities such as Leeds for example the leisure experience is now an essential part of the shopping trip and restaurants are no longer thought of as “dead frontage”.

“This trend should be encouraged in 2014 with authorities and landlords making it easier for Bars and Restaurants to sit alongside retailers on the High Street, doing so will encourage people back into city centres, increase their dwell time and bring with it some much needed vitality.”

Central Retail, a Leeds-based specialist leasing agency with clients throughout the UK, has secured deals that have brought leading international brands such as Victoria’s Secret to Leeds and Rigby & Peller to Harrogate.

Managing partner, Simon Lyons, said he predicts next year that a greater number of European and US retailers will expand in the regions.

He said occupier demand will quickly catch up with the investment market. Big cities will benefit the most, but smaller towns will continue to struggle, he said. He added that he believes ‘clicks and bricks’ multi-channel retailing must become more joined up for all retailers to succeed.

“There can be no half way houses any more, it’s simply the difference between success and failure,” he said.

“There will be more retail casualties, but no major surprises. They will be the terminal patients of the high street with poor management, poor product, service and customer experience.”

Click here to sign up to receive our new South West business news...
Close